Lincoln Avenue Communities Breaks Ground on Affordable Housing Development in Madison, Wisconsin

Lincoln Avenue Communities Breaks Ground on Affordable Housing Development in Madison, Wisconsin

City of Madison Economic Development Director Matt Mikolajewski and LAC leaders attended the groundbreaking ceremony for The View and The Victoria at Huxley Yards, two affordable housing apartment complexes for families and seniors in Madison, Wisconsin. Additional photos and renderings available upon request.

MADISON, Wis., June 27, 2024 /PRNewswire/ — Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, celebrated their groundbreaking yesterday on the future site of The View and The Victoria at Huxley Yards, during a ceremony with LAC leaders, local policymakers and partners. The Huxley Yards developments will provide a combined 553 affordable housing units to individuals, families and seniors in Dane County earning less than 50%, 60% or 70% of the Area Median Income.

“Lincoln Avenue Communities is proud to break ground on the largest ground-up affordable housing property to be developed in Wisconsin,” said Jeremy Bronfman, LAC CEO. “Once completed, Huxley Yards will provide hundreds of high-quality, affordable homes for Madison residents.”

The View will provide 303 affordable housing units for families and individuals, and The Victoria will provide 250 affordable units for seniors. The View and The Victoria at Huxley Yards will also be the first new construction development established under Madison’s Oscar Mayer Special Area Plan.

“The Oscar Mayer Special Area Plan envisions an entirely new neighborhood for the City of Madison. This project will help that plan come to fruition,” said Matt Mikolajewski, City of Madison economic development director. “We are grateful for the investment that Lincoln Avenue Communities is making in the City of Madison and appreciate all the work of the Lincoln Avenue Communities team to get us to this groundbreaking.”

The properties will offer community amenities and resident services, such as job training and nature classes. The View will feature a pool, community classroom, fitness center, and an active playground area. The Victoria will include a club room, craft room, fitness center, two rooftop courtyards, and a fenced dog run, among other amenities. Both properties will be Wisconsin Green Built Home certified and incorporate sustainability features such as rooftop solar system.

“LAC is committed to creating innovative housing solutions in the nation’s fastest growing metropolitan areas,” said Kevin McDonell, LAC vice president and regional project partner. “The View and The Victoria are especially important developments for families and seniors facing limited housing in Wisconsin’s capital.”

The developments are financed by Federal Low-Income Housing Tax Credits provided by the Wisconsin Housing and Economic Development Authority and the National Equity Fund; Solar Tax Credits purchased by the NEF; an Opportunity Zone Fund Investment; a Citi Cash Collateralized Taxable and Tax-Exempt construction-to-perm loan; tax increment financing from the City of Madison; and a Brownfield Idle Sites Grant from the Wisconsin Economic Development Corporation.

“We are grateful to the Wisconsin Housing and Economic Development Authority, National Equity Fund and Citibank for their support,” said Kyle Brasser, LAC vice president and regional project partner. “Their partnership, along with the City of Madison’s collaboration, has been crucial in bringing a vibrant new community to Madison.”

About LAC: Lincoln Avenue Communities (LAC) is one of the nation’s fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. A subsidiary of Lincoln Avenue Capital, LAC is a mission-driven organization with a presence in 28 states and a portfolio of 155+ properties comprising 27,000+ units.

SOURCE Lincoln Avenue Communities

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Real Estate - Miami County Post originally published at Real Estate - Miami County Post